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Posted To: MBS CommentaryBond markets ended the day in moderately weaker territory today, despite starting out in the Green. What happened? Today was refreshingly straightforward when it comes to attributing market movement to overt, logical sources. Today's source was the Markit Manufacturing PMI . If you're wondering exactly what that is, you're not alone. First of all, a PMI (or Purchasing Managers Index) is one of the best economic metrics for a broad categories such as "manufacturing" or "everything besides manufacturing." The Institute for Supply Management (ISM) puts out both versions of PMI, and they're the first runners up behind nonfarm payrolls (aka "NFP" or simply "the jobs report") for the title of biggest market mover. Had ISM released its manufacturing...(read more)
Posted To: Mortgage Rate WatchMortgage Rates bounced slightly higher for the first time in more than a week today, thus remaining in limbo near the highest levels in more than 4 months. On a positive note, recent movements have been small, with no change to the prevailing note rates of 3.5-3.625% on top tier conventional 30yr fixed scenarios. That means the deterioration is seen in the form of modestly higher upfront costs (or lower lender credit, depending the structure of the quote). In other words, markets haven't moved enough for rates to rise a full 0.125%. Because mortgage rates are typically offered in .125% increments, lenders account for smaller market movement by adjusting the upfront cost/credit. Bottom line, you'd pay just a bit more to get the same rate you were quoted last week. Even then, the change is so...(read more)
Posted To: MND NewsWireFannie Mae and Freddie Mac each announced what appear to be essentially identical changes in their loan underwriting programs - Fannie calls its new offering "Day 1 Certainty" while Freddie was less poetic, referring simply to new capabilities added to its Loan Advisor Suite. Fannie Mae President and Chief Executive Officer, Tim Mayopoulos, described Day 1 Certainty today as a way to give lenders "freedom from representations and warranties and greater speed and simplicity when delivering loans to Fannie Mae." He said this will help transform the way lenders do business by moving a paper-based process to an automated one through the company's underwriting software. We assume there are technical differences in the changes to Fannie Mae's Desktop Underwriter and Collateral Underwriter and Freddie...(read more)